Expectations of a swift acceleration in German economic activity have been dampened somewhat: the SME business climate stagnated in January 2015 at the same level as December. This is solely thanks to the better evaluation of the current business situation. By contrast, the firms’ anything but euphoric view on future trends prevented a third consecutive increase in the business climate, which is commonly seen as a reliable signal for a turnaround in economic activity. We are therefore reluctant to revise our economic forecast upwards from the 1 % currently predicted for 2015.

KfW-ifo SME Barometer: January 2015(PDF, 134 KB, non-accessible)